The amounts: The university said Friday that the final and second reading of its consumer-sentiment index for September rose to 70.1, the highest level in five months. This is after an earlier reading of 69 was released earlier in the month.
A poll of economists by the Wall Street Journal found that most thought the final reading would be 69.3.
Going back to August, mood went up by more than 3%.
It is still a long way below its pre-pandemic high of 101, which it hit in February 2020.
People in the US think that inflation will be 2.7% on average over the next year. Capital Economics says that’s the lowest number since 2020. Based on the consumer price index, the rate of inflation right now is 2.5%.
People now think that inflation will average 3.1% over the next five years, up from 3% in August.
Important facts: A measure of how people feel about the economy as it stands now was at 63.3 in September, up from 61.3 the month before.
The number of people who were optimistic about the next six months went up from 72.1 in August to 74.4 in September.
UMich said: “Consumers’ hopes for the economy are growing,” said Joanne Hsu, head of the University of Michigan survey. “Sentiment seems to be picking up some speed.”
At the same time, buyers say that their hopes depend on how the next election turns out.
She also said that people of all political parties are more likely than they were in August to think Kamala Harris will win the presidential race.
